W Resources PLC First Shipment from New Concentrator Plant (2755Z)
09 Enero 2020 - 2:33AM
UK Regulatory
TIDMWRES
RNS Number : 2755Z
W Resources PLC
09 January 2020
9 January 2020
W Resources Plc
("W" or the "Company")
First Shipment from New Concentrator Plant
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining
company with assets in Spain and Portugal, is pleased to announce
it has sold the first shipment of tungsten concentrate from the new
La Parrilla concentrator plant, the proceeds of which were received
in January.
Production built through December 2019, with the move to 24-hour
operation confirmed on 18 December. This was partially offset by a
number of planned and unplanned shutdowns during the month to
adjust and fine-tune equipment, which would be expected at this
phase of the process. As a result, production in Q4 2019 was 21.4
tonnes of tungsten concentrate and 7.9 tonnes of tin concentrate,
which is planned to ramp-up substantially in Q1 2020.
Michael Masterman, Chairman of W Resources, commented: "We are
pleased to have produced nearly 30 tonnes of tungsten and tin
concentrate (combined) and sold and banked proceeds from our first
tungsten shipment from the new concentrator plant. Highlights
include reaching target product specifications early in ramp-up and
a higher proportion (28%) of tin in the product mix relative to the
10% in the August 2017 Final Investment Decision ("FID") report.
Mining and grade control is broadly in line with 2017 FID with
higher tin grades currently driving higher than expected tin
production."
W expects production to build substantially in Q1 2020 with a
full three months of production (majority of production in Q4 2019
was in the month of December) and higher than expected tin
production and revenue. Debottlenecking initiatives and completion
of contractor rectification work, which are normal at this phase of
the ramp-up, should also contribute to production increases.
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Enquiries:
W Resources Plc Grant Thornton UK LLP
Michael Masterman Colin Aaronson / Seamus Fricker
T: +44 (0) 20 7193 7463 T: +44 (0) 20 7383 5100
www.wresources.com
Joint Broker Joint Broker
Turner Pope Investments (TPI) Ltd Alternative Resource Capital /
Andy Thacker / Zoe Alexander Shard Capital
T: +44 (0) 203 657 0050 Alex Wood
www.turnerpope.com T:+44 (0) 207 186 9004
www.altrescap.com
Damon Heath
T:+44 (0) 207 186 9952
www.shardcapital.com
Alma PR
Justine James
M: +44 (0) 7525 324431
wres@almapr.co.uk
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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January 09, 2020 03:33 ET (08:33 GMT)
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